It said that, although it was pleased the chancellor had admitted Britain had not yet met his five test for euro membership, it was ‘disappointed at his decision to re-assess the country’s readiness in a year.
Ruth Lea, head of the policy unit at the IoD, said: ‘The chancellor should, rule out re-assessing Britain’s economic readiness for euro membership for the lifetime of this parliament. We cannot see how the British economy will meaningfully attain sustainable convergence with the rest of the eurozone over the next 2-3 years.
‘We strongly believe that the British economy has not yet attained sustainable convergence with the rest of the eurozone and that we, therefore, could not live happily with the ECB’s interest rates.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements